Archive · 6 Sep 2026
Paint Makers Expect Festive Growth Amid Rising Costs, Competition
India’s large paint companies expect people and businesses to buy plenty of paint during the festive season.
They say housing, infrastructure, construction and car-related demand are helping sales.
Asian Paints expects its paint volumes to grow by 8-10% in FY27.
Berger Paints and JSW Dulux are also aiming for double-digit growth.
Paint companies have raised prices because many of their materials come from petroleum.
Higher crude prices and supply problems could make these materials even more expensive.
Many companies are competing for the same customers, including new entrants.
Discounts are especially common in the economy segment.
The companies must try to grow while keeping customers despite higher prices and tougher competition.
Asian Paints expects 8-10% FY27 volume growth, while Berger Paints and JSW Dulux target double-digit growth.
Housing, infrastructure, construction and automotive demand are supporting the festive-season outlook.
Companies are raising prices to offset petroleum-linked raw-material costs and other expenses.
Competition is intense across economy, premium and luxury segments, with newer players including Birla Opus and JSW Paints.
Crude prices, geopolitical tensions, supply disruptions, rupee depreciation and import costs remain major risks.
- Who
- Asian Paints, Berger Paints, Kansai Nerolac Paints and JSW Dulux, along with their senior executives.
- What
- India’s major paint makers are forecasting festive-season growth while raising prices and facing intense competition.
- When
- The outlook covers the upcoming festive season and FY27, following the June quarter and early July results.
- Where
- India’s paint market.
- Why
- Demand from housing, infrastructure, construction and automotive sectors is supporting growth, while price increases aim to offset higher input costs.
Growth And Demand Optimism
Cost And Competition Risks
Festive-season demand
Growth And Demand Optimism
Asian Paints, Berger Paints and JSW Dulux expect healthy or double-digit growth, supported by festive sales and demand from housing, infrastructure and automotive sectors.
Cost And Competition Risks
Kansai Nerolac warns that crude-price volatility, geopolitical conflicts, supply disruptions and uncertain raw-material availability could weaken the outlook.
Price increases
Growth And Demand Optimism
Recent price hikes are expected to support revenue growth as their full impact flows through upcoming quarters.
Cost And Competition Risks
Higher prices are needed to offset rising costs but could make it harder to retain customers in a market with heavy discounting and many competitors.
Competitive environment
Growth And Demand Optimism
Established companies continue to target growth in both volume and value despite new entrants.
Cost And Competition Risks
Competition has intensified across economy, premium and luxury segments, with the economy segment particularly pressured by discounts to contractors and dealers.
- Asian Paints FY27 volume outlook
- 8-10% growth
- Berger Paints Q2 volume outlook
- Approximately 7.5-8%, compared with 8.5% in the June quarter
- JSW Dulux FY27 outlook
- Double-digit volume growth
- Kansai Nerolac price increases
- About 5% in the first quarter; an additional 3% for decorative paints and 3-5% for industrial paints was expected in the second quarter
- Asian Paints June-quarter results
- The reports give differing figures: one cites profit of Rs 1,559.45 crore and revenue of Rs 10,541.94 crore, while another cites profit attributable to owners of Rs 1,539.3 crore and sales of Rs 10,521.4 crore
- New market entrants
- Pidilite’s Haisha Paints, Grasim’s Birla Opus and JSW Paints have entered or expanded in the market in recent years
- Key industry risks
- Crude prices, geopolitical conflicts, supply-chain disruptions, raw-material availability, rupee depreciation and higher import costs
